Speech
Lessons from Japan's Experience in Monetary Policy
The chief representative of the Bank of Japan in Frankfurt says in a speech that the 1990s has been a period of learning for the central bank, not as many people say "a lost decade". The bank now has a greater focus on the role of asset prices and the…
Breaking the Cycle of World Poverty-Horst Koehler
Horst Kohler, Managing Director of the International Monetary Fund gave a speech at the conference on "Child Poverty, Education, and Health" in London, February 26, 2001. He says he has learnt a lot from his discussions with sub-Saharan African leaders…
MAS chair quizzed on currency, emoney, regulation
Lee Hsein Loong, Singapore's Deputy Prime Minister and Chairman of the Board of the Monetary Authgirty of Singapore, answers parliamentary questions about whether there will be a devaluation of the Singapore dollar, about introducting electronic payment…
ECB's Issing-price risks more balanced, not gone
European Central Bank Chief Economist Otmar Issing reiterated on Feb 21 that while price risk in the euro zone were increasingly balanced some threats to price stability still lingered on.
Cbanks should be pre-emptive - Fed's Gramlich
U.S. Federal Reserve Governor Edward Gramlich said on Feb 20, 2001 central banks had to move preemptively given the time it took for their actions to feed through to the economy. He advocated the use of forward-looking, flexible, inflation targetting as…
Canada's Dodge upbeat on economy in first speech
Nortel Networks Corp, long the darling of the Canadian equities market, may have been grounded but it is unlikely that one company will drag down the rest of the economy, Bank of Canada Governor David Dodge said on Feb 20.
MAS to further open Sing $ swap market from Mar 1
The Monetary Authority of Singapore said on Feb 15, 2001 it will further open the Sing dollar swap market to offshore banks keen to engage in transactions with non-banks to boost liquidity in the wider bond market. Koh Yong Guan, managing director of the…
Fed's Stern sees improved economy in Jan 2001
Federal Reserve Bank of Minneapolis President Gary Stern said on Feb. 14, 2001 that slower growth in business inventories in December 2000 and improved retail sales and employment data in January 2001 were constructive indicators for the economy. "It…
Ferguson speech-US undergoing inventory adjustment
The U.S. economy "is clearly undergoing a stock adjustment" to reconcile the supply and demand of capital goods, Federal Reserve Vice Chairman Roger Ferguson said on Feb 14 at a speech at Vanderbilt University. Ferguson said it is unclear how long the…
Bank of Canada cuts growth forecast
Canada's central bank said officially for the first time on Feb 13, 2001 that the U.S. economic slowdown may cut Canada's growth rate to below 3 percent, but it remained positive about the country's economic prospects. "Primarily because of the spillover…
Greenspan said the U.S. was not in recession
Federal Reserve Chairman Alan Greenspan said on Feb 13, 2001 the U.S. economy was not in a recession but may face a rocky transition as it downshifts from super-charged growth rates of the past several years. When asked point-blank in a Senate Banking…
BIS urges vigilance on asset bubbles
It's time for central bankers to get tough on bubbles, according to a top official at the Bank for International Settlements. Overly high stock and property prices should prompt central bankers to take interest rate action in the same way rising wage…
Fed's Minehan sees 2001 U.S. growth near 2 pct
Boston Federal Reserve President Cathy Minehan said on Feb 12, 2001 she expects U.S. economic growth to start accelerating again later in 2001, helped by the central bank's January 2001 rate cuts."I expect activity to increase later in the year, and…
ECB Hamalainen-Eurozone needs structural changes
The euro zone still needs to make further strides in structural changes if it is to see a potential economic growth rate similar to that of the U.S., European Central Bank executive board member Sirkka Haemaelaeinen said on Feb 12, 2001. "Certainly, we…
Swedish Riksbank says rate policy right for now
Sweden's central bank said on Feb 9, 2001 inflation prospects were favourable and its inflation target achievable in coming years, and there was no need right now for further monetary policy measures."Today, inflation prospects seem to be favourable,"…
Suranyi cites record of six years of econ growth
In his farewell speech on Feb. 8, 2001 National Bank of Hungary (NBH) president Gyorgy Suranyi emphasized the sustainable growth achieved in Hungary since 1996. Speaking at a press conference in Budapest, Mr Suranyi, whose term expires on March 1,…
Burst IT-bubble temporary setback - Swedish c.bank
The information technology revolution will continue - despite the collapse of many IT stocks in 2000 - with unforseeable consequences for future economic policy, Sweden's central bank said on Feb 7, 2001. Riksbank governor Urban Backstrom made it clear…
Noyer -2001 GDP growth slightly less than forecast
Euro-zone growth will be "slightly less rapid" in 2001 than predicted a few months ago, European Central Bank Vice President Christian Noyer said Feb. 6. Noyer, speaking at the Robert Schuman University, said growth this year will be "close to 3%"…
BoJ deputy gov defends ending of 0% interest rate
The Bank of Japan was not wrong in ending its zero interest rate policy last August, Sakuya Fujiwara, a central bank deputy governor, said on Jan. 31. "Look at the market and economic indicators in the month following the removal of the zero rate,"…
Speech: Pedro Solbes at Euroclear Euro Conference
Pedro Solbes, the Member of the EU Commission Economic and Monetary Affairs, gives a speech to the Euroclear conference titled 'Preparation for the euro cash changeover: state of play and tasks ahead'.
BoC new governor Dodge says low inflation priority
David Dodge, the newly appointed governor of Canada's central bank, said Dec 20 his task "is to keep inflation low and stable," the legacy of his predecessor, Gordon Thiessen.
Buba's Welteke says ECB rates appropriate now
Bundesbank President Ernst Welteke said on Tuesday that current Eurozone interest rates were appropriate and reiterated that the European Central Bank's monetary policy was not hampering economic growth.
Buba's Reckers-no need for change in ECB rates
Bundesbank council member Hans Reckers said on Monday that the European Central Bank had no need to change interest rates in the foreseeable future.